nirav modi


PNB fraud: Jeweller Mehul Choksi refuses to join CBI probe

Mar 20 2018

Choksi has refused to join a CBI probe in the USD 2 bn PNB scam and claimed that "untenable" allegations had resulted in "sudden closure" of his business.

PNB bank woes spur Goldman to downgrade India's growth forecasts

Mar 20 2018

Goldman Sachs lowered its real GDP forecast on India for the year to March 2019 to 7.6 percent from 8 percent earlier.

CBI charges former Canara Bank chief in alleged loan fraud case

Mar 19 2018

The CBI filed charges against a former chairman of Canara Bank and others over allegations that the officials helped a company defraud the bank of about $10.5 million.

PNB scam: 11 accused get judicial custody till March 28

Mar 17 2018

A special CBI court remanded in judicial custody till March 28 the 11 accused arrested in connection with the multi-crore Punjab National Bank (PNB) fraud case.

Rs 9.1-cr Chandri Paper fraud reported to CBI on Feb 13: PNB

Mar 17 2018

The Punjab National Bank (PNB) clarified that Rs 9.10 crore fraud unearthed pertaining to Chandri Paper and Allied Products was not a new fraud.

Nirav Modi Fraud: PNB to honour bonafide LoUs

Mar 16 2018

PNB said it will honour all "bonafide" Letter of Undertakings, an instrument which was used by billionaire diamantaire Nirav Modi to defraud the bank of Rs 12,968 crore.

PNB asks for data info from peer bank; no condition yet on LoUs payout

Mar 15 2018

PNB has asked for certain information from peer banks but no condition has been set for payouts related to LoUs in the Rs 12,968 crore scam, sources said.

Nirav Modi Fraud: Banks expect PNB to honour LoUs

Mar 15 2018

Public sector banks want PNB to honour its commitment with regard to LoUs allegedly issued by it to Nirav Modi and its associates, said SBI Deputy MD M S Sastry.

31 economic offenders have fled India to avoid prosecution: Govt

Mar 15 2018

Some 31 suspected economic offenders have fled the country to avoid prosecution, the govt has told Lok Sabha.

Except for PNB, no unauthorised LoUs issued by PSBs: SBI official

Mar 15 2018

All PSBs have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by PNB, a senior SBI official said.

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Stocks In News



Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively

To add platform capabilities in the insurance segment which contributes 15% of total business

The Acquisition is expected to close within the next 3 months


Sells Essar Steel loan to Deutsche Bank

Has sold its $385 mn Foreign currency loan extended to Essar Steel

Bank has taken a 38% haircut

Rs 1600 cr is expected earnings to the bank from the deal

Economic Times Reports


To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn

The co is also in discussions to sell its residential and commercial projects in Chennai

To convene shareholder’s meet on 23rd March in regard to the proposed divestment

Mint Reports


Gets Order Worth Rs 230 Cr From NTPC

To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators

Will help NTPC commission the 3x 660MW plant started 12years


Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI

The completion period for the project is 30 months

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